|
Almeida Capital is pleased to be a premier sponsor of AltAssets
|
FREE newsletter RSS
INTELLIGENCE
RECRUITMENT
KNOWLEDGE BANK
EVENTS
SECTOR ANALYSIS
HEDGE FUNDS
|
Click here for printer friendly page
Edcon board recommends Bain Capital's ZAR25bn buy-out offer09/02/2007. Source: AltAssets. 
 The board of directors of Edcon has unanimously recommended to shareholders an offer from Bain Capital to acquire its entire ordinary share capital at ZAR46 per share. The total value of the transaction is R25bn ($3.5bn). The existing Edcon management team will have the opportunity to invest in the company alongside Bain Capital.
Edcon is a South African clothing, footwear and textiles retailer.
The offer price represents a premium of 51.3 per cent over the closing share price of ZAR30.40 on 16 October 2006, the day before Edcon issued a cautionary announcement regarding discussions with private equity parties, according to a statement.
Steve Zide, a managing director of Bain Capital, said, 'We are pleased to be a part of the next phase of the growth of Edcon. The company is a leader in the retail and business communities in South Africa and its brands enjoy iconic status throughout the country. We have been greatly impressed by the world class quality of the Edcon business, its systems and their people.
'Our belief in the growth potential of the South African economy is a significant factor in our investment decision,' Zide continued.
Copyright © 2007 AltAssets
|
 
|
|
|
